Trading Update

RNS Number : 9224G

Inland PLC

10 February 2010

 



For immediate release

10 February 2010

INLAND PLC

Trading Update

Inland plc ("Inland" or the "Company"), which specialises in buying brownfield sites and enhances their value by obtaining planning permission, is pleased to announce a number of additional land and development updates following on from the trading update of 21^st January 2009.

Inland is pleased to confirm the granting of planning permission on part of its major regeneration project in Queensgate, Farnborough for an 80 bed nursing home.  The consent was obtained on a section of the site which had previously been deemed of little commercial value to Inland.  The site will now be marketed to specialist nursing home operators with a view to achieving a sale as soon as possible.

In addition, Inland is also pleased to announce it has gained consent for a further five houses as an extension to its development at Green Street, Enfield.  The site of 0.3 acres was assembled from a number of long back gardens and its open market value should be significantly above cost.

Finally, the Company is pleased to confirm it has agreed terms to sell its site in South Ockenden, Essex to a local housebuilder. The final consideration is in line with the Company's own expectations and will generate considerable free cash flow after repayment of associated debt.

Enquiries:

Inland plc Stephen Wicks, Chief Executive Nishith Malde, Finance Director	Tel:  [phone] Tel:  [phone]
FinnCap Nominated Adviser & Broker Matthew Robinson (Corporate Finance) Rhydian Bankes (Corporate Finance)	Tel:  [phone] Tel:  [phone]
Buchanan Communications Jeremy Garcia / Christian Goodbody	Tel: [phone]

 

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